Cairn Energy plans to spend around USD 85 million this year with the bulk going to the exploration and appraisal of wells in Britain and Mexico, it said on Wednesday, after ending 2020 sitting on a cash pile of USD 570 million.

With regard to its winning an arbitration case last month against India for over USD 1.2 billion, Cairn’s Chief Executive Simon Thomson said that Cairn was ”well-positioned to be opportunistic in the current market as it seeks to diversify and grow its production base.”

Cairn, which forecasts to produce 16,000-19,000 barrels per day this year, said it was engaging with the government of India over the payment of the award.